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Feb 13, 2024
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Hasbro declined 5.8% to $48.30 after the toymaker reported sharply lower-than-expected earnings in the fourth quarter.
Revenue in the fourth quarter declined 23% to $1.29 billion from $1.7 billion, net loss soared to $1.06 billion from $128 million, and diluted loss per share expanded to $7.64 from 93 cents a year ago.
Revenue in the fourth quarter declined 23% after the growth in the Wizards of the Coast and Digital Gaming segments of 7%, which was more than offset by declines of 25% in the consumer products segment and a 49% plunge in the entertainment segment.
Operating loss of $1,912 million compared to an operating profit of $23 million in 2022. 2023 loss includes $1,846 million (non-cash) of goodwill and intangible asset impairment associated with the eOne Film and TV business and within Family Brands to align with a change in entertainment strategy. -
Restaurant Brands International was nearly unchanged at $78.30 after the parent company of Tim Hortons reported better-than-expected quarterly results.
Revenue in the fourth quarter increased to $1.8 billion from $1.69 billion, net income advanced to $508 million from $229 million, and diluted earnings per share rose to $1.60 from 74 cents a year ago.
Systemwide sales across all restaurant brands rose 9.6%, slower than 11.4% in the quarter a year ago.
Consolidated comparable store sales increased 5.8%, including a 4.6% rise at international locations.
Comparable sales at Tim Hortons coffee chain rose 8.4%, Burger King increased 6.3%, Popeyes Louisiana Kitchen advanced 5.5%, and Firehouse Subs increased 3.5%. -
Consumer price inflation in January eased to a 3.1% annual pace in January from 3.4% in December, the U.S. Bureau of Labor Statistics reported Thursday.
The decline in overall inflation was driven by the fall in energy price inflation by 4.6% from 2.0% in December, and food prices rose at a slower pace of 2.6% compared to 2.7% in the previous month.
Compared to the previous month, consumer price inflation rose by 0.3%, the fastest pace of increase in four months.
Core inflation, which excludes food and energy price inflation, held steady at an annual pace of 3.9% but rose to a monthly rate of 0.4%. -
Cloudflare jumped 25.3% to $113.50 after the cyber security online content distribution network company reported quarterly results and estimates that surpassed market expectations.
Total revenue increased 33% to $362.4 million from $274.7 million, net loss shrank to $27.9 million from $45.9 million, and diluted loss per share dropped to 8 cents from 14 cents a year ago.
The company won larger deals from existing and new customers, driving its annual contact value to record highs. -
Ingles Markets declined 4.2% to $78.38 after the discount grocery store operator reported a slight decline in quarterly sales and a sharp decline in earnings.
Revenue in the fiscal first quarter ending on December 30 declined 0.8% to $1.48 billion from $1.49 billion in the quarter ending on December 24, 2023; net income dropped to $43.4 million from $69.4 million; and diluted earnings per share fell to $2.28 from $3.65 a year ago. -
PepsiCo decreased 1% to $172.20 after the food and beverage maker reported mixed quarterly results and said food and beverage volumes declined in its North American unit.
Net revenue in the fourth quarter declined 0.5% to $27.85 billion from $27.99 billion, net income advanced to $1.3 billion from $518 million, and diluted earnings per share rose to 94 cents from 37 cents a year ago.
Volumes in the fourth quarter in its beverage unit declined 6%, Quaker Foods fell 8%, and Frito-Lay eased 2%.
PepsiCo hiked its quarterly dividend by 10% to $1.265 per share, payable to shareholders of record on March 1 and on April 1.
PepsiCo has paid consecutive quarterly dividends since 1965, and 2023 marked the 51st consecutive annual dividend increase.
In 2024, the company plans to return $8.2 billion to shareholders, comprised of $7.2 billion in dividends and $1.0 billion in stock repurchases.
The beverage and food maker also estimated that organic revenue in 2024 will increase by 4%, with at least an 8% increase in constant currency earnings per share.
Based on the company's assumptions and guidance, core earnings per share in 2024 are estimated to increase by 7% to $8.15 from $7.62 a year ago. -
Ralph Lauren increased 1.8% to $175.01 after the fashion apparel and accessories maker reported better-than-expected quarterly results.
Revenue in the fiscal third quarter ending in December increased 6% to $1.9 billion from $1.8 billion, net income advanced to $276.6 million from $216.5 million, and diluted earnings per share rose to $4.19 from $3.20 a year ago.
Inventories at the end of the third quarter declined 15% to $1.1 billion, with the planned decline in North America and Europe offsetting the slight increase in Asia to support growth initiatives.
Sales struggled in North America, rebounded in Europe after the lapping of wholesale discounts offered last year, and surged in Asia.
North American sales were flat at $993 million, and comparable store sales at retail outlets increased by 5%, driven by a 6% increase in physical store sales and a 4% rise in online sales.
Revenue in Europe surged 11% to $522 million, driven by 11% in comparable store sales after physical stores rose 11% and online sales advanced 12%.
Revenue in Asia increased 16% to $446 million, driven by a 14% advance in comparable store sales, a 13% rise in physical store sales, and a 25% surge in online sales.
The company reiterated its full-year fiscal 2024 outlook of low-single-digit revenue growth and returned $425 million to shareholders through dividends and stock repurchases in the fiscal year to date. -
Walt Disney Co. soared 7.9% to $107.0 after the media and entertainment company reported better-than-expected revenue, earnings, and full-year outlook.
The media company announced a $1.5 billion stake in Epic Games, the creator and developer of Fortnite.
Disney confirmed that the company is on track to launch its ESPN streaming service in 2025.
The company also said it is on track to cut $7.5 billion in costs by the end of fiscal 2024. -
PayPal Holdings declined 9.5% to $57.35 after the payments services provider estimated weaker-than-estimated earnings in the first quarter and full year.
However, the company reported fourth-quarter results that were ahead of consensus estimates.
Revenue in the fourth quarter increased 9% to $8.0 billion from $7.4 billion, net income soared 52% to $1.4 billion from $521 million, and diluted earnings per share rose 61% to $1.29 from 81 cents a year ago.
The company estimated revenue in the first quarter of 2024 to increase between 6.5% and 7%, and diluted earnings per share are expected to increase "mid-single-digit" from 70 cents a year ago.
For the full-year 2024, earnings per share are expected to be between $3.60 and $3.80, lower than $3.84 in 2023. -
Spirit Airlines jumped 4.2% to $7.24 after the deep discount airline reported better-than-expected quarterly results.
Revenue in the fourth quarter declined to $1.32 billion from $1.39 billion, net loss shrank 32% to $183.6 million from $1270.6 million, and diluted loss per share fell to $1.68 from $2.49 a year ago.
Total revenue per passenger flight segment declined 15.3% to $114.84, driven by a 25% decrease in fare revenue to 48.24 and a 6.6% fall in non-ticket revenue to $66.60.
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